FedEx CFO Slashes Profit Outlook, Doesn't Predict Another Recession

Despite the fact that FedEx recently decided to lower its earnings expectations, CFO Alan Graf said recently that he is not expecting another recession, reports The Associated Press.

According to the news source, in a conference call with analysts, Graf said that sagging global growth has not spurred concerns in the company about a double-dip recession.

"Our customers' hair is not on fire," Graf explained. "They're just saying we're going to take it steady as she goes. It just feels completely different than it did back in '08."

The New York Times reports that FedEx' decision to cut its earnings expectations stemmed from fuel prices and limited global growth. CEO Frederick W. Smith said that lack of growth is expected to continue mainly due to lack of consumer confidence in the ability of lawmakers in the U.S. and Europe to solve the current economic issues.

Shares of FedEx dropped 8.2 percent on news of the slashed profit outlook, according to the Times.